Business Assistance Program for Job Creation

Description

The City of Portland’s Business Assistance Program for Job Creation provides grants up to $20,000 to new and expanding Portland businesses for the creation of net new, permanent full-time jobs for low/moderate income individuals.

Objectives

Job creation for low/moderate income individuals;

New business formation and existing business expansion;

Leverage private investment to support business growth;

Help new and existing small businesses establish credit;

Enhance the health and vitality of Portland’s economy.

Program Requirements

Create one (1) full-time job (1,750 hours/year or 33.65 hours/week*) for every $10,000 of grant funding;

Business location of applicant fits any of the following: in a low income area of the City; within walking distance to one or more of these areas; or, easily accessible from these areas via public transportation;

Net new jobs created with the help of the grant are marketed to low/moderate income** individuals, resulting in at least 51% of these jobs going to this population. As an example, if two jobs are created to meet grant requirements, then both must be filled by low/moderate income individuals.

Job(s) are created within nine (9) months of grant approval.

Financial Terms

Maximum Grant: $20,000

Amount of Match: Equal to or greater than grant amount

Match Sources: At least 50% applicant cash equity; the remainder may include a bank or credit union loan or, if not accessible, a loan from the City of Portland’s Revolving Loan Program.

*Definition of a full-time job, per the U.S. Department of Housing and Urban Development.